Maritime Industry Yet to Attain 5% Projected Growth – NIMASA
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has said that the maritime sector in Nigeria has yet to achieve the five per cent growth that was projected for it in 2018/19. Peterside stated this in Lagos on the sidelines of the unveiling ceremony of the 2019/2020 Nigeria’s Maritime Industry forecast.
Last year, while unveiling the Nigerian maritime industry forecast for 2018/2019, NIMASA predicted a growth rate of 2.5 to five per cent for the industry and a projected increase in demand for maritime services from 2019 and beyond.
The agency also said that the total fleet size was expected to grow by 4.08 per cent in 2018 and 4.41 per cent in 2019. It projected that the oil tanker fleet size would decrease by 2.23 per cent in 2018 and increase by 1.7 per cent in 2019, while non-oil tanker fleet size would increase by 8.15 per cent in 2018 and 8.72 per cent in 2019, and the oil rig count by 27.67 per cent in 2018 and zero per cent in 2019.
The NIMASA DG said the government and stakeholders were working very hard towards realising the five per cent projected growth. The agency projected a 10 per cent growth rate for the maritime industry in 2019/2020.
It said the vessel fleet would likely grow by 10.33 per cent this year and 8.75 per cent in 2020. The NIMASA maritime industry report further projected an 11.2 per cent decrease in oil tanker fleet size in 2019 and 2020.
The report stated “The projection for non-oil tanker fleet size is estimated to increase by 14.3 per cent in 2019 and 10.2 per cent in 2020, while oil rig count is projected to increase by 6.98 per cent for 2019 and 2020 respectively.”
NIMASA forecast that the ongoing construction of the Lekki deep seaport would increase maritime capacity in Nigeria and serve as a hub for the West African sub-region, while also requiring linkage to the hinterlands by road and inland waterways, in addition to the existing ports.
NIMASA added “Other opportunities lie in financing and acquisition of assets for coastal and international trade, manpower development, maritime safety, shipbuilding/repairs/recycling, marine insurance and support services. The fact remains that there are loads of opportunities for investors in the maritime and shipping sector regardless of whether you want to play in the financing space, leasing or service sector.”